Petrochemicals are a class of chemical compounds derived mainly from crude and natural gas. Petrochemicals can also be derived from renewable sources such as corn, sugarcane and others. The major Petrochemical classes includes olefins and aromatics. Olefins includes ethylene and propylene and aromatics includes benzene, toluene, and xylene isomers. In refineries, Petrochemicals are produced mainly by fluid catalyst cracking, steam cracking and by catalytic reforming among others. Petrochemicals are used in wide range of industries such as automobiles, agriculture, homecare, electronics, packaging and healthcare among others. The Global Petrochemical Market is segmented on the basis of product type, process type, and region. The market is estimated to demonstrate a robust growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the forecast period (2018 – 2023). On the basis of product type, the market is segmented into ethylene, propylene, butadiene, benzene, xylene, toluene, vinyls, styrene, methanol and others. On the basis of process the market is segmented into Fluid Catalytic Cracking (FCC), stream cracking, and catalytic reforming.

According to the analysis of MRFR, the major market forces and trends driving growth of the Global Petrochemicals Market includes the growing demand for energy across the globe coupled with the rising oil and gas activities in the emerging economies. In addition, the easy availability of raw materials in several regions such as Middle East and North America is also positively effecting the market growth.

The Global Petrochemicals Market is a highly lucrative market driven by flourishing growth in automobile industry, coupled with the growing demand from the manufacturing plants. BASF SE (Germany), Sinopec Limited (China), ExxonMobil (U.S.A.), The Dow Chemical Company (U.S.A), Shell Chemical Company (Netherland) among others are some of the proficient players operating in this market. Most of these market participants are adopting various organic and inorganic growth strategies such as expansion, product launch, and acquisition to strengthen their production capacities and market position. Taking account of these trends the Global Petrochemicals Market is projected to witness considerable competition over the forecast period of 2017-2023.

North America followed by Asia Pacific is expected to be the dominant region during the forecast years. The presence of the huge crude oil reserves in U.S.A along with the recent discovery of shale gas is anticipated to lead the growth of the market. In the Asia Pacific region, China is projected to be the major country contributing to the growth of the market. The growing population in the region has resulted in the surge in the demand for energy in turn fuelling the Global Petrochemicals Market in the region. Furthermore, the presence of the world’s largest refinery, in India is also positively contributing to the revenue of the global market.

Industry/ Innovation/ Related News:

20 May 2018- Reliance Industry announced the expansion and optimizationpetrochemical complex in Raigad, Maharashtra. The company’s strategy is to expand its gas cracker downstream production plants in the state of Maharashtra and fuel the production from its captive power plants.

13 May 2018- Abu Dhabi National Oil Co announced its decision to acquire stake in Indian refinery as they are planning an investment of USD 45 billion expand its Ruwais refining and petrochemicals complex. The company is planning to expand the capacity by 600,000 barrels a day, by 2025

11 April 2018- Motiva Enterprises a subsidiary of Saudi Aramco has announced the expansion of petrochemicals in the United States. The company announced the signining of MOU Honeywell UOP and TechnipFMC worth USD 8 and 10 billion.

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